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My Credit Union Home Loans

Rates and Fees verified correct on December 10th, 2016

Competitive loans offered by My Credit Union

Initially an exclusive organisation which only provided loans to members of the resources industry, My Credit Union is now a community-based financial cooperative accessible to anyone who’d like to join. For a joining fee of $10, members gain access to an organisation working to secure the best rates for its members.

About My Credit Union?

This credit union ploughs the majority of its profits into providing its members with the best possible service, as well as competitively priced home loans and other savings and lending products. Like all mutual building societies and credit unions, My Credit Union members are equal shareholders in the company, which means that they have a say in how the company is run.

My Credit Union’s home loans

Fixed rate home loans

These home loans are ideal for everyone who enjoys the security of an unchanged interest rate for up to the three years at the beginning of the loan period. Instead of leaving things to market fluctuations, My Credit Union’s fixed-rate product offers members both peace of mind and a competitive fixed rate (differing depending on the loan period selected) before reverting to the prevailing standard variable rate.

Whether buying a first home or refinancing an existing home loan from another institution, borrowers are exempt from paying monthly account-keeping fees and have access to a redraw facility.

My Ideal Home Loan

As long as you’re willing to respect a borrowing minimum of $250,000 and an LVR maximum of 80%, you’re eligible for the My Ideal Home Loan. Borrowers can use the online home loan fact sheet to get an idea of the repayments they can expect depending on the interest rate and the loan period. The My Ideal Home Loan allows for additional repayments to accelerate the reimbursement. Borrowers also have access to a redraw facility to make withdrawals on those extra repayments.

My Home Loan

If your real-estate aspirations include buying up property for investment purposes, the My Home Loan is the ideal product to make this a reality. Whether you’re applying to secure an owner-occupied or rental property, this basic home loan has just enough features to make it beneficial to potential investors. Borrowers benefit from the most competitive rate in the My Credit Union’s stable along with the option to repay the loan early without the risk of penalty. Borrowers can also accelerate the frequency of repayments and then access those additional funds via a redraw facility.

My Advantage Home Loan

This is My Credit Union’s most feature-packed loan, complete with competitive rates and the option to repay the whole loan without penalty. Borrowers can also make extra repayments to reduce the loan period. These extra repayments can then be accessed via a redraw facility. Probably the most advantageous feature of this home loan is the 100% offset facility. This means that you can have an account linked to your home loan, and you only pay interest on the loan balance minus the amount in that account.

My Equity Home Loan

Besides facilitating the business of purchasing a home, My Credit Union’s Equity Home Loan also offers members an overdraft facility. This way borrowers have access to additional funds when needed as well as competitive interest rates during the loan period. The My Equity Home Loan is available for a minimum of $25,000 and a maximum loan period of 10 years. This is a variable rate, interest-only home loan, and repayments are made monthly and can vary depending on market fluctuations.

Pros and cons of My Credit Union home loans

Pros

Applying for a loan with a credit union means enjoying an exclusive set of advantages, including the following:

Early repayments. All loans allow for early repayments without penalty.

Automatic repayments. Setting up automatic debit-order or payroll payments can help avoid incurring dishonour for late repayments.

Top-up facility. If there’s no room in your budget for things like going on holiday, making renovations or buying a second vehicle, you can increase your home loan amount - this makes more financial sense than applying for an additional loan.

Cons

Some of the disadvantages include:

Smaller range of fixed rate terms. Unlike a larger lender, My Credit Union only offers fixed terms of 1, 2 and 3 years. Other banks can offer up to or even in excess of 10 year fixed terms.

How to apply for a My Credit Home Loan

Become a member. While anyone can apply for a loan, accessing the loan funds requires the borrower to become a My Credit Union member.

Apply online. The application process is as simple as filling in an online form and getting conditional approval in just 24 hours.

While borrowing with a credit union means more focused attention and personal advice, the onus is still on you to decide on the right product for your needs. Features like top-up and overdraft facilities are certainly convenient, but they can also be pitfalls if you can’t manage your spending.

Personal information

Applicants have to be Australian residents and over the age of 18, and they have to submit proof of identification.

Identification. Borrowers have to present documents compliant with the 100 point check. A valid passport and birth certificate should suffice.

Financial documents

Income. Include at least six months’ proof of income as well as additional assets that contribute towards your monthly and annual income. This include all the properties, vehicles, valuable antiques etc. that you might own. If you own shares or securities in a listed company, you should include the relevant documentation.

Liabilities. This includes other loans, credit cards and housing expenses for which you are liable.

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